nuclear-news

Nuclear delay: EDF admits Hinkley Point won’t be ready by 2023 Britain’s first new nuclear plant in a generation has been delayed and will not start generating power in 2023 as planned, French energy giant EDF admits Telegraph UK, By Emily Gosden, Energy Editor

2:04PM BST 03 Sep 2015……a decision has yet to be taken, following a protracted EU state aid inquiry and extended negotiations with the UK Government over subsidies and with Chinese investment partners.

Although a decision is now expected in October, Mr Levy admitted the 2023 start date for the project, which will be subsidised by households through their energy bills, would no longer be met………

Mr Levy also disclosed that the final investment decision would be based on solely EDF and Chinese investment, after failing to tie up deals with any other potential investment partners in time.

EDF said in 2013 it planned to retain only a 45pc to 50pc stake in Hinkley, with Chinese groups China General Nuclear Corporation and China National Nuclear Corporation taking a combined stake of 30pc to 40pc.

Areva, the reactor maker, was expected to take 10pc and other “interested parties” were expected to take up to 15pc. But financial troubles at Areva have forced it to sell its nuclear business to EDF, and Mr Levy said no other investors would be confirmed by the time of FID……

in the first phase EDF and the Chinese will be the investors at the final investment decision.”
It is understood EDF will now retain a majority stake, although the precise share to be taken by Chinese investors is still under discussion.

Hinkley Point was once supposed to be ready in time for Christmas 2017 but has suffered numerous delays and setbacks.
Fears have grown that the project will suffer a similar fate to that of EDF’s troubled Flamanville reactor in France, which uses the same technology as the proposed Hinkley plant.

Flamanville was originally due to cost €3bn and be ready by 2012 but has seen costs spiral. On Thursday EDF said Flamanville would now not start generating until 2018, a year later than the most recent estimates, and would cost €10.5bn………http://www.telegraph.co.uk/finance/newsbysector/energy/11841733/Nuclear-delay-EDF-admits-Hinkley-Point-wont-be-ready-by-2023.htm